Great Depression Changes essay
Great Depression Changes Essay
Approaching the end of the 1920's, the United States' economy was thriving with what was considered the largest economy in the world. Furthermore, due to America's then- current economic status no one was prepared for what the following years would entail. It was as if suddenly, everything America had worked so hard to achieve had just fallen apart. The 1929 stock market crash had touched off the downward spiral that led the United States into what would become the longest, most widespread depression of the 20th century. Contrary to popular belief, the stock market crash of 1929 was not single handedly responsible for the Great Depression. Although it did in fact play a large role, there were many underlying causes that factored into what became The Great Depression. At the time President Herbert Hoover was sworn into office, the United States economy was unknowingly on the precipice of an economic downturn. And in less than seven months, the U.S had descended into its longest, deepest economic crisis of its history. With their president unable to provide ample support in this time of great desperation, his popularity quickly decreased, as well as job loss. Deeper into Hoover's presidency, the economy continued to shrink. Finally, in 1932, Hoover signed legislation that began the Reconstruction Finance Corporation, that gave a half a billion dollars to banks for loans, corporations, state governments, and was put towards public works projects, which was put towards things like construction of the Golden Gate Bridge and the Los Angeles Aqueduct. As election time came about in 1932, Hoover had been renominated but his slogan, "Rugged Individualism" complicated his efforts to promote massive government intervention regarding the economy. His opponent became New York Governor Franklin D. Roosevelt after he won the Democratic nomination with the promise of "a new deal for the American people" and went on to defeat Hoover
Approaching the end of the 1920's, the United States' economy was thriving with what was considered the largest economy in the world. Furthermore, due to America's then- current economic status no one was prepared for what the following years would entail. It was as if suddenly, everything America had worked so hard to achieve had just fallen apart. The 1929 stock market crash had touched off the downward spiral that led the United States into what would become the longest, most widespread depression of the 20th century. Contrary to popular belief, the stock market crash of 1929 was not single handedly responsible for the Great Depression. Although it did in fact play a large role, there were many underlying causes that factored into what became The Great Depression. At the time President Herbert Hoover was sworn into office, the United States economy was unknowingly on the precipice of an economic downturn. And in less than seven months, the U.S had descended into its longest, deepest economic crisis of its history. With their president unable to provide ample support in this time of great desperation, his popularity quickly decreased, as well as job loss. Deeper into Hoover's presidency, the economy continued to shrink. Finally, in 1932, Hoover signed legislation that began the Reconstruction Finance Corporation, that gave a half a billion dollars to banks for loans, corporations, state governments, and was put towards public works projects, which was put towards things like construction of the Golden Gate Bridge and the Los Angeles Aqueduct. As election time came about in 1932, Hoover had been renominated but his slogan, "Rugged Individualism" complicated his efforts to promote massive government intervention regarding the economy. His opponent became New York Governor Franklin D. Roosevelt after he won the Democratic nomination with the promise of "a new deal for the American people" and went on to defeat Hoover